MCX Copper and Crude Updates For Today: 2nd Feb '12

Crude oil has declined. Nearly 2 per cent, with weakness of crude oil on MCX 4778 is at Rs. The NYMEX fell 0.5 per cent on crude oil has reached $ 97. Stores in the United States due to reports of rising crude oil prices declined. In addition, a stronger rupee against the U.S. dollar is also showing an effect on crude oil.

Oil prices hovered around USD 98 a barrel Thursday in international markets. Benchmark crude for March delivery was down 1 cent at USD 97.60 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 87 cents to settle at USD 97.61 on Wednesday

MCX Copper Tips and Trend-

Base metals can remain on mixed note. Copper can trade in range of 415-420 in MCX while lead may remain in range of 108-111 and zinc in range of 103-106. London copper slipped on Thursday as gains in the past month kept Chinese buyers at bay and the euro zone debt crisis continued to weigh on sentiment. Copper & other metals fell for the third straight session, after reports from US showed unexpected decline in consumer confidence and business this month, damping the metals demand outlook. Copper futures for Dec. delivery closed down by 1% at $3.7900 per pound on the COMEX division of the New York Mercantile Exchange.